Wealth Enhancement Advisory Services LLC Has $478,000 Stake in Primo Brands Corporation (NYSE:PRMB)

Wealth Enhancement Advisory Services LLC raised its position in shares of Primo Brands Corporation (NYSE:PRMB) by 14.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 13,465 shares of the company’s stock after acquiring an additional 1,656 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Primo Brands were worth $478,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the company. PNC Financial Services Group Inc. bought a new stake in Primo Brands in the fourth quarter worth $252,000. Sei Investments Co. purchased a new stake in shares of Primo Brands in the fourth quarter worth $10,548,000. Quantinno Capital Management LP purchased a new position in Primo Brands during the fourth quarter valued at $277,000. Millennium Management LLC bought a new stake in shares of Primo Brands in the 4th quarter worth about $7,837,000. Finally, Wellington Management Group LLP bought a new stake in Primo Brands during the 4th quarter valued at about $43,413,000. Institutional investors own 87.71% of the company’s stock.

Primo Brands Stock Down 0.4%

Shares of NYSE:PRMB opened at $29.97 on Friday. The business has a fifty day simple moving average of $31.19 and a 200 day simple moving average of $32.14. Primo Brands Corporation has a 12-month low of $24.41 and a 12-month high of $35.85. The company has a quick ratio of 0.87, a current ratio of 1.07 and a debt-to-equity ratio of 1.49. The firm has a market cap of $11.28 billion, a P/E ratio of -374.52, a P/E/G ratio of 0.56 and a beta of 0.73.

Primo Brands (NYSE:PRMB) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.05. The company had revenue of $1.61 billion for the quarter, compared to analysts’ expectations of $1.63 billion. Primo Brands had a negative net margin of 1.86% and a positive return on equity of 8.35%. The company’s revenue for the quarter was up 42.1% compared to the same quarter last year. Analysts predict that Primo Brands Corporation will post 1.13 earnings per share for the current year.

Primo Brands Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 17th. Shareholders of record on Friday, June 6th were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.33%. The ex-dividend date was Friday, June 6th. Primo Brands’s dividend payout ratio is -500.00%.

Analysts Set New Price Targets

A number of analysts recently commented on PRMB shares. Bank of America started coverage on shares of Primo Brands in a research note on Wednesday, May 28th. They issued a “buy” rating and a $42.00 target price for the company. Morgan Stanley initiated coverage on shares of Primo Brands in a research report on Wednesday. They set an “overweight” rating and a $38.00 price target on the stock. Mizuho began coverage on shares of Primo Brands in a research note on Monday, May 12th. They issued an “outperform” rating and a $43.00 price target on the stock. TD Securities started coverage on Primo Brands in a report on Tuesday, April 8th. They set a “buy” rating and a $48.00 price target for the company. Finally, Barclays reduced their target price on Primo Brands from $40.00 to $38.00 and set an “overweight” rating for the company in a report on Monday, June 16th. Ten equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Primo Brands currently has an average rating of “Buy” and a consensus target price of $41.00.

Insider Activity at Primo Brands

In other news, Director Tony W. Lee sold 50,657,562 shares of Primo Brands stock in a transaction on Monday, May 12th. The shares were sold at an average price of $31.67, for a total transaction of $1,604,324,988.54. Following the transaction, the director owned 116,210,806 shares in the company, valued at $3,680,396,226.02. This trade represents a 30.36% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 58.40% of the stock is currently owned by insiders.

Primo Brands Profile

Primo Brands Corp. is a branded beverage company, which focuses on healthy hydration. It delivers sustainably and domestically sourced diversified offerings across products, formats, channels, price points and consumer occasions, distributed in the United States and Canada. The company provides water filtration units for home and business consumers across North America.